First, 3-day transfers are rather common for smaller banks/credit unions. If you dont know, and do care, first test with a small transfer. On the bright side, with 3-day transfers there usually isnt any further hold on the funds.
Second, the closing penalty is for closing the account, leave a dollar in it and no problem.
There is one counter-argument to leaving an account open, and that is that you would not be able to churn a savings bonus for new accounts. The $500 Capital One bonus I’m currently opening is such an example … for this one, they only looked back to 2016. I would say that’s not normally the case, though.
If you do keep a small amount in a financial institution, consider making sure it generates < $10 interest each year. Then you won’t have to mess with it at tax time.
I didn’t make any change with EBSB yesterday. As shinobi said, I should calm down first. Well first thing this morning I checked my acct at EBSB. My transfer of funds into my acct was there & dated yesterday, 1/29. So I don’t know if my tirade made any difference or that is how they do transfers.
Happy for you, pattyb53. Sounds as if you’re back in the driver’s seat, and that is good. Now all you have remaining to do is to decide your next move! 
I noticed some or many of you are taking your funds out of Ally. So, I’m checking on that “Earn up to $1000 Bonus with AB’s Payback Promotion”. I joined! It reads $'s must remain in acct until 1/15/19. Bonus $1000 will be paid by 2/15/19.
My question… If you withdraw those funds now will you still get the $1000 later?
Your tirade had no effect whatsoever.
It’s after 01/15. You can do whatever you want with your money. Just don’t CLOSE your ally account or they won’t be able to deposit the bonus.
The banks are not required to send a form if the amount is less than $10. You, however are required to report all income, no matter how small, and regardless of whether you got a form or not.
The IRS allows rounding, so an amount of 49 cents or less rounds to 0 and is not reportable. So 49 cents is when “you don’t have to mess with taxes” Everything above that is reportable and taxable.
@shinobi What are the limits on how much money can be sent OUT from Purepoint via ACH in a 30 day period? For instance ally will allow 1 million in within a 30 day rolling window and only 600K out. (again ACH…no limit via check, wire etc)
Daily limit at PurePoint is $250k, rolling monthly limit is a million bucks.
Ok I’m confused…many times in past Bank A might have a limit of 5K they allow to be ACH’d daily but if initiated at Bank B then Bank B’s limits apply.
If I open a CD at Bank A and fund it via routing/account # of Bank B 1) is that still an ACH and 2) Will the withdrawal be allowed to go over any monthly limit imposed by Bank B on how much can be ACH’d out?
I’m aware Checks and Wires would get around this issue…I’ve ordered checks but they will take up to 10 business days…that leaves wires…missed the window for today so just evaluating options.
Not to worry. Your inquiry is a reasonable one:
The limits I stated for PurePoint apply only to ACH transactions initiated at the PurePoint website. Movements of money, via ACH, into or out of PurePoint, which are initiated external to PurePoint and not at their website, do not count against the PurePoint limits.
Just a thought for my fellow liquid account fans:
With this week’s Fed statement proclaiming “patience”, perhaps it would be well to inventory, and to focus on, liquid accounts which offer us rate guarantees. And with liquid accounts having no rate guarantee, it might be well to monitor your interest rate more frequently than was necessary when interest rates were generally trending higher.
My own liquid funds are with NBD (guarantee), Ally no penalty CD (guarantee), AgFed no penalty CD (guarantee), and PurePoint (no guarantee). Gonna be moving some funds from PurePoint to NBD.
Sounds like a good plan!!
So I just tried to transfer over $100K from Ally to Northern Bank. No go… the transfer was over the limit of $5000. I called an spoke to a rep about it being a bad idea if they wanted to gain more money. She said, that they could make an exception & she will get back to me after getting approval from her supervisor.
My preference is using PurePoint to hold liquid funds but they don’t have the best rate. No hassle with transfers, etc. But I will use both EBSB & Northern (if she calls back) 2.5%…
Did you pull or push from Ally. I think if you push from Ally it should not be subject to the limit.
It’s not…you can do up to $150,000 a day out from ALLY to Northern subject to the $600,000 a month cap.
If you are doing a cd however it might be best to make your initial deposit HUGE as just about any bank will do the initial deposit to get the money over regardless of the “rules”.
Northern Bank did come back & raised my ACH transfer level.
But in the meantime I finalized a 35Mo CD 3.35% that I didn’t think was going to work out for me. I’m not going to mention the name of the CU because I’m sure none of you could qualify for the location. I do, but my big problem was finishing the application because I don’t know how the download info. My son tried to explain over the phone & gave up & advised that I go to the Staples store & get them to help. It worked, cost me $14. but I was happy to pay. So now I will use the Ally funds to open this CD. 
Mistake in typing. The 35Mo CD is 3.50%.
Well I have to say I am really shocked, albeit in a very good way! It appears Northern Bank paid 2.5% interest on funds in the money market account for the entire month of January!!! I thought for sure it would be a blended rate @ 2.26% for most of the month and @ 2.50% percent for the last few days of the month post their email notification but I was wrong. Couldn’t be happier to be wrong in this instance!!! This adds to my continued excellent experience with this bank so far.
Did EBSB have a guarantee?